Pershing Square Activist Presentation Deck

Val-gan's Durable Portfolio ~74% of Val-gan's pro-forma 2014E sales will come from durable, growing cash flows Total Portfolio Patent Cliff 26% Durable 74% Source: Valeant Public Presentation April 22, 2014 72 Durable Portfolio Durable Devices 9% Branded Generics 16% Generics 2% OTC 17% Durable Rx 30%

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